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What is the Fed Trying to Tell Us?

The Fed’s Evans, Lacker, Powell, Fischer and Yellen are all appearing in public today, and will no doubt be pressed for confirmation regarding the recent hawkish comments by Dudley, Brainard and Kaplan. I can’t remember a time when there was so much unanimity regarding a rate hike.

SPX was off a whopping 14 points yesterday which, given its recent melt up, felt like much more. Somewhere, some investors are clearly wondering about rising rates. After 8 long years of the most accommodative monetary policy in history, can the Fed and the bulls sell investors on the idea that higher rates are a good thing?